TCRLA_Public/150302.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

            Monday, March 2, 2015, Vol. 16, No. 042


                            Headlines




A R G E N T I N A

ARGENTINA: Bond Sale Suspended Amid Hedge Fund Pressure
FIDEICOMISO FINANCIERO V: Moody's Assigns 'C' Ratings on 2 Secs.
PETROBRAS ARGENTINA: Moody's Cuts Rating on US$300MM Notes to Ba2


B R A Z I L

OGX PETROLEO: Judge in Batista's Trial Removed From Case
RB CAPITAL: Moody's Cuts Ratings on 3 Certificate Series to Ba2


C A Y M A N  I S L A N D S

ANCHOR DRILLING: Members Receive Wind-Up Report
ARC-CAPITALAND: Shareholders Receive Wind-Up Report
ARCHIBAUD FUND: Shareholders Receive Wind-Up Report
BLACKSTONE RT: Shareholders Receive Wind-Up Report
BLACKSTONE SIXTH: Shareholders Receive Wind-Up Report

BLACKSTONE SPGS: Shareholders Receive Wind-Up Report
BLACKSTONE SYSTEMATIC: Shareholders Receive Wind-Up Report
BLACKSTONE SYSTEMATIC (E): Shareholders Receive Wind-Up Report
BLACKSTONE US: Shareholders Receive Wind-Up Report
BLACKSTONE US FUND A: Shareholders Receive Wind-Up Report

DAN BAU: Shareholders Receive Wind-Up Report
DELTA SPV 1: Shareholders Receive Wind-Up Report
ELLESMERE BRITANNIA: Shareholders Receive Wind-Up Report
EXCELLIUM ALTERNATIVE: Shareholders Receive Wind-Up Report
FACEBOOK CAYMAN: Shareholders Receive Wind-Up Report

FIELD POINT: Shareholder Receives Wind-Up Report
GLOBAL CHEMICALS: Shareholders Receive Wind-Up Report
GSS III MONROE: Shareholders Receive Wind-Up Report
HCM FUND: Members Receive Wind-Up Report
HERITAGE HEDGED: Shareholders Receive Wind-Up Report

LIONGATE SELECT: Shareholders Receive Wind-Up Report
MARRET INVESTCO: Shareholders Receive Wind-Up Report
ODYSSEY OPPORTUNITIES: Shareholders Receive Wind-Up Report
P.O.S. LIMITED: Shareholders Receive Wind-Up Report
PALISADES REAL: Shareholders Receive Wind-Up Report

PROFIT EXCHANGE: Shareholders Receive Wind-Up Report
PRS PLYMOUTH: Shareholder Receives Wind-Up Report
SMI OPPORTUNITIES: Shareholder Receives Wind-Up Report
SPECIAL CREDIT: Shareholders Receive Wind-Up Report
YEMEN REFINING: Shareholders Receive Wind-Up Report

ZAPKO INVESTMENT: Members Receive Wind-Up Report


C O S T A   R I C A

COSTA RICA: S&P Affirms 'BB/B' Sovereign Rating; Outlook Stable


G R E N A D A

GRENADA: Economy Recovering at Stronger Pace, IMF Says


J A M A I C A

DIGICEL LIMITED: Boss Calls on Private Sector to Resist More Taxes
NATIONAL COMMERCIAL BANK: Fees for In-Branch Transactions Increase


M E X I C O

CEMEX SAB: Fitch Rates 2025 Notes 'BB-/RR3(EXP)'
CEMEX S.A.B.: S&P Rates Benchmark $-Denominated Sr. Sec. Notes B+


X X X X X X X X X

21ST CENTURY ONCOLOGY: Moody's Lifts CFR to 'B3', Outlook Stable

* Moody's Sees Decline in Profit for Latin American Telecoms
* BOND PRICING: For the Week From Feb. 16 to Feb. 20, 2015


                            - - - - -


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A R G E N T I N A
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ARGENTINA: Bond Sale Suspended Amid Hedge Fund Pressure
-------------------------------------------------------
Peter Eavis at The New York Times reports that a New York hedge
fund that is suing Argentina over its debt is moving swiftly to
try to stamp out any effort by the country to issue new bonds in
international markets.

Argentina is seeking to sell roughly $2 billion of new bonds to
investors and has employed JPMorgan Chase and Deutsche Bank to
handle the deal, according to The New York Times.  But the banks
have now suspended the deal, at least temporarily.

The report notes that the bonds were being marketed outside of the
United States to non-American investors.  If the deal were to be
called off completely, it would underscore the remarkable reach of
a small group of investors armed with favorable court rulings, the
report relates.

In response to a request by NML Capital, a unit of Elliott
Management, Judge Thomas P. Griesa of the Federal District Court
in Manhattan ordered JPMorgan and Deutsche Bank to produce
documents that would describe how money from the bond sale might
pass to Argentina, the report notes.  Judge Greisa also ordered
the banks to have witnesses present at a deposition about the bond
deal at 3 p.m. on Thursday, Feb. 26.

The court's demands led the banks to put their deal preparations
on hold, according to two people briefed on the matter who spoke
on condition of anonymity because they were not authorized to
speak publicly on the transaction, the report relates.

The report notes that Elliott Management's legal moves are the
latest installment in its long-running legal battle to gain full
repayment on bonds that Argentina defaulted on in 2001.  Most of
the bonds involved in that default were later exchanged for new
securities, known as exchange bonds, that were worth far less than
the original debt, the report says.

The report discloses that Elliott and other investors gained the
name "holdouts" after refusing to accept the exchange bonds in
return for their securities.  The holdouts scored a pivotal
victory in 2012, when Judge Griesa ruled that Argentina had to pay
the holdouts in full whenever it made payments on the exchange
bonds, the report relays.

A United States court had power over the exchange bonds because
many of them were issued under New York law. And the judge's
ruling had teeth because global banks did not want to fall afoul
of the order by passing money from Argentina to holders of the
exchange bonds, the report notes.  Argentina, for instance, has in
recent months not been able to get money to holders of its
exchange bonds.

Argentina's attempts to sell the new bonds form an important test
for the country, the report relays.  The bonds were going to be
denominated in dollars and Argentina may need the foreign currency
to pay off other debts coming due, the report discloses.  What is
more, a successful sale would demonstrate that the country was
able to borrow billions of dollars in international markets even
as the holdouts pursued it, the report notes.

Lawyers at JPMorgan and Deutsche Bank would almost certainly have
taken steps to try to prevent the new bonds from falling afoul of
Judge Griesa's order, the report says.  As well as being sold
outside of the United States, the new bonds would be registered
under Argentine law, the report relays.  At the deposition, the
banks' representatives may seek to show that their deal complies
with the judge's order.

Still, the holdouts have had success in gaining courts outside the
United States to seize Argentine assets, the report discloses.  A
court in Ghana, for instance, ruled that the country could impound
an Argentina naval vessel in 2012, the report relates. (Under
international maritime law, the boat was later released.)

A document relating to the deal suggests that it is being arranged
in London, the report notes.  The holdouts may be hoping that a
British court will support their efforts and threaten to seize any
money that Argentina might raise through the bond sale, the report
says.  In a 2011 ruling on a case brought by NML Capital, a
British court ruled that governments like Argentina could not
claim immunity from certain civil judgments in courts outside of
Britain, the report notes.

A document relating to the sale of new bonds includes a lengthy
passage detailing potential legal challenges to the sale.
Specifically, it raises the possibility of legal attempts to
"attach assets of Argentina," the report adds.

                          *     *     *

The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment.  Earlier that day, talks with a court-appointed
mediator ended without resolving a standoff between the country
and a group of hedge funds seeking full payment on bonds that the
country had defaulted on in 2001.  A U.S. judge had ruled that the
interest payment couldn't be made unless the hedge funds led by
Elliott Management Corp., got the US$1.5 billion they claimed.
The country hasn't been able to access international credit
markets since its US$95 billion default 13 years ago.

As a result, TCR-LA reported on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.

The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.

Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.

On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.

The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD).  The short-term foreign
currency rating has been downgraded to Default (D), from R-5.  The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively.  The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.

On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded
Argentina's rating on Par Bonds issued under Foreign Law to 'D'
from 'C' as Argentina has not been able to cure the missed coupon
payments on its par bonds issued under foreign law after the
expiration of the 30-day grace period on Oct. 30.  According to
Fitch's criteria, this constitutes an event of default and Fitch
has downgraded the affected securities to 'D'.  In addition, Fitch
has affirmed:

   -- Foreign Currency Issuer Default Rating (IDR) at 'RD';
   -- Local Currency IDR at 'CCC';
   -- Short-term Foreign Currency IDR at 'RD';
   -- Country Ceiling at 'CCC'.
   -- Performing Foreign Law Exchanged Securities (Global 17) at
      'C';
   -- Local Currency exchanged bonds under Argentine Law at 'CCC';
   -- Foreign and Local Currency non-exchanged securities under
      Argentine Law at 'CCC';
   -- Discount Bonds issued under Foreign Law at 'D'.


FIDEICOMISO FINANCIERO V: Moody's Assigns 'C' Ratings on 2 Secs.
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo, S.A. rates
Fideicomiso Financiero AMES V, a transaction that will be issued
by TMF Trust Company (Argentina) S.A. - acting solely in its
capacity as Issuer and Trustee.

The securities for this transaction have not yet been placed in
the market.  The transaction is pending approval from the Comisi˘n
Nacional de Valores.  If any assumption or factor Moody's
considered when assigning the ratings changes before closing, the
ratings may also change.

  -- ARS11,843,747 in Class A Floating Rate Debt Securities
    (VRDA) of "Fideicomiso Financiero AMES V", rated Aaa.ar (sf)
    (Argentine National Scale) and B1 (sf) (Global Scale, Local
     Currency).

  -- ARS995,272 in Class B Floating Rate Debt Securities (VRDB)
     of "Fideicomiso Financiero AMES V", rated C.ar (sf)
    (Argentine National Scale) and C (sf) (Global Scale, Local
     Currency)

  -- ARS7,066,437 in Certificates of "Fideicomiso Financiero AMES
     V", rated C.ar (sf) (Argentine National Scale) and C (sf)
    (Global Scale, Local Currency).

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 1,071 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by the
Asociaci˘n Mutual de la EconomĦa Solidaria ("AMES"), in an
aggregate amount of ARS 11.835.974,95.

These personal loans are granted to employees of the City of
Buenos Aires (rated Caa1/B1.ar) using a "C˘digo de Descuento".
The "C˘digo de Descuento" is an identifier granted by a
government-related entity (in this case the City of Buenos Aires)
that allows deducting a personal loan's installment directly from
the borrowers' paycheck.

The originator access an Internet-based system to verify the
borrower's disposable income and originate the personal loan.  The
maximum DTI ratio established by the City of Buenos Aires is 50%.
In this transaction, the City of Buenos will be instructed to
send, on a monthly basis, the scheduled principal and interest on
the securitized loans directly to the trust account.  In turn, the
trustee, based on the master servicer's reports will reconcile any
amounts that belong to the originator.

The automatic deduction of the loans' installments reduces
significantly the probability of default of the loans, which is
not dependent on the borrower's willingness to pay.

In this type of loan, the main causes of delinquency are: (i)
termination of the work relationship between the borrower and the
Government of the City of Buenos Aires, (ii) judicial embargos,
that may limit the maximum disposable income that can be deducted
by the GCBA, (iii) increases in the Minimum Wage that increases
the minimum disposable income that the employee must receive net
of deductions, (iv) variable components of the wages that are not
collected in a particular month and therefore decreases the
disposable income (v) and unpaid work licenses.

Initial negative overall credit enhancement is mitigated by a
turbo sequential structure, which allows for the building of
credit enhancement since first coupon payment.  In addition the
transaction has various reserve funds and excess spread.

Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels higher than Moody's original
expectations, or a disruption in the flow of payments from the
City of Buenos Aires.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.

Moody's considered the historical performance of AMES's portfolio,
factors common to consumer loans securitizations such as
delinquencies, prepayments and losses; as well as specific factors
related to the Argentine market, such as the probability of an
increase in losses if there are changes in the macroeconomic
scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities.  Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the main pool with a mean
of 5% and a coefficient of variation of 70%. Also, Moody's assumed
prepayments of 25%. These assumptions are derived from the
historical performance to date of AMES' pools.

The model results showed 1.80% expected loss for the Class A
Floating Rate Debt Securities, 100% for the Class B Floating Rate
Securities and 100% for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions.  If default rates were increased 3% from
the base case scenario for the pool (i.e., mean of 8% and a
coefficient of variation of 70%), the ratings of the Class A
Floating Rate Debt Securities would likely be downgraded to B2
(sf). The ratings of the Class B Floating Rate debt securities and
the Certificates would be unchanged.

Moody's also applied a stress to the cash flows by assuming an
interruption of the salary payments of the City of Buenos Aires
for three consecutive months.  The assigned ratings are consistent
with this stress scenario.

The principal methodology used in this rating was "Moody's
Approach to Rating Consumer Loan-Backed ABS " published in January
2015.


PETROBRAS ARGENTINA: Moody's Cuts Rating on US$300MM Notes to Ba2
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo downgraded
the global scale rating on Petrobras Argentina S.A.'s US$300
million in guaranteed Series S notes (CUSIP 71646JAB5) to Ba2 from
Baa3 and maintained the Ba2 rating and the Aaa.ar national scale
rating on review for further downgrade.  The rating actions
reflect Moody's Investors Service's rating action on Feb. 24, 2015
of downgrading Petrobras S.A.'s global debt ratings to Ba2 from
Baa3.  The ratings remain on review for further downgrade.

The rating actions on Petrobras Argentina reflect the rating
downgrade of Petrobras, on Feb. 24, 2015, to Ba2 from Baa3, which
was based on increasing concern about corruption investigations
and liquidity pressures that might result from delays in
delivering audited financial statements, as well as Moody's
expectation that Petrobras will be challenged to make meaningful
reduction in its very high debt burden over the next several
years.

Petrobras' ratings remain on review for possible downgrade,
reflecting concern about potential liquidity pressures that could
arise as a consequence of not providing financial statements in
due time.

The principal methodology used in this rating was Global
Independent Exploration and Production Industry published in
December 2011.



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B R A Z I L
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OGX PETROLEO: Judge in Batista's Trial Removed From Case
--------------------------------------------------------
Dan Horch at The News York Times reports that the Brazilian
businessman Eike Batista won a court victory of sorts when the
judge who had been presiding over his trial was removed from the
case after he was filmed driving Mr. Batista's seized Porsche.

Mr. Batista is accused of insider trading and stock market
manipulation in the now-bankrupt petroleum company he founded,
OGX.

Ever since his trial began in November, his defense team has
accused the judge, Flavio Roberto de Souza, of bias, according to
The News York Times.

The report notes that Judge de Souza had called Mr. Batista
"megalomaniacal" and criticized his lifestyle as "ostentatious."
But it was the judge's own lifestyle choices that led to his
removal from the case, the report relates.

Judge de Souza had ordered that cars and other possessions
belonging to Mr. Batista be seized and put up for auction, but the
judge himself was filmed driving one of the seized cars, the
report notes.

Judge de Souza has acknowledged that he had also moved a second
car and a piano belonging to Mr. Batista's family into his own
building, for what he contended was safekeeping, the report
relays.

The judge's actions immediately became a nationwide joke, with a
Mercedes-Benz dealership releasing an ad on Wednesday that offered
a test drive as another way "to take a spin in a car that isn't
yours yet," the report notes.

The report discloses that the court's inspector general, Nancy
Andrighi, cited both Judge de Souza's statements about Mr. Batista
and his use of the defendant's property in her decision to remove
him.

With the judge's removal, all of his previous decisions, including
his order to freeze up to BRL3 billion ($1.04 billion) of Mr.
Batista's property, are now up for review, the report relays.

The report notes that Marcelo Fontes, a partner with the law firm
Sergio Bermudes Advogados, which is defending Mr. Batista, said
Judge de Souza "had treated Mr. Batista as if he were already
guilty.  We expect a new judge to be impartial and permit us to
demonstrate his innocence."

Thiago Bottino, a professor of criminal law at the Fundacao
Getulio Vargas law school in Rio de Janeiro, said that the judge's
removal was not necessarily to Mr. Batista's benefit, the report
relays.

"The federal prosecutor wanted him removed too, to reduce the
chances that a conviction would be overturned on appeal," the
report quoted Mr. Bottino as saying.

The inspector general said that Mr. Batista's case would now be
reassigned to another federal court to be chosen at random, the
report notes.

But Mr. Bottino said the court would still probably take two or
three years to reach a decision, the report relates.  If the court
finds Mr. Batista guilty, his lawyers could appeal to the
country's highest court, a process that could take over a decade,
the report notes.

"By then, the statute of limitations might apply," Mr. Bottino
said, the report adds.


                         About OGX Petroleo

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participacoes
S.A., now known as Oleo e Gas, is an independent exploration and
production company with operations in Latin America.

OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001.  The
bankruptcy filing puts US$3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than US$30 billion of his personal fortune.

The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as US$500
million in new funds.  OGX said Oct. 29, 2013 that the talks
concluded without an agreement.


RB CAPITAL: Moody's Cuts Ratings on 3 Certificate Series to Ba2
---------------------------------------------------------------
Moody's America Latina, Ltda. downgraded the ratings of the 3rd
series of certificates of RB Capital Securitizadora S.A., the 4th
series of certificates of RB Capital Securitizadora S.A, the 42nd
series of certificates of RB Capital Securitizadora S.A. and the
31st series of certificates of RB Capital Companhia de
Securitizacao to Ba2 from Baa3 (global scale rating) and to A1.br
from Aa1.br (national scale ratings).  The ratings were placed on
review for further downgrade.

These series of real estate certificates (CRIs) issued by RB
Capital Securitizadora and RB Capital Companhia de Securitizacao
are backed by built-to-suit lease agreements with Petr˘leo
Brasileiro S.A. -- Petrobras (Ba2).

The rating action follows Moody's downgrade of Petrobras' ratings
on Feb. 24, 2015.  Petrobras' senior unsecured ratings were
downgraded to Ba2 from Baa3.  The ratings were also placed under
review for further downgrade.

Issuer: RB Capital Securitizadora

  -- 3rd series CRIs backed by a built-to-suit lease agreement:
     Downgraded to Ba2 from Baa3 (global scale rating);
     Downgraded to A1.br from Aa1.br (national scale rating);
     Both ratings were placed on review for further downgrade

  -- 4th series CRIs backed by a built-to-suit lease agreement:
     Downgraded to Ba2 from Baa3 (global scale rating);
     Downgraded to A1.br from Aa1.br (national scale rating);
     Both ratings were placed on review for further downgrade

  -- 42nd series CRIs backed by a built-to-suit lease agreement:
     Downgraded to Ba2 from Baa3 (global scale rating);
     Downgraded to A1.br from Aa1.br (national scale rating);
     Both ratings were placed on review for further downgrade

Issuer: RB Capital Companhia de Securitizacao

  -- 31st series CRIs backed by a built-to-suit lease agreement:
     Downgraded to Ba2 from Baa3 (global scale rating);
     Downgraded to A1.br from Aa1.br (national scale rating);
     Both ratings were placed on review for further downgrade

Moody's views the certificates as being full pass through
securities of Petrobras' senior unsecured credit risk the under
the built-to-suit lease agreement.

The Ba2 / A1.br ratings, on review for downgrade, of the 3rd, 4th
and 42nd series of certificates issued by RB Capital
Securitizadora and the 31st series of certificates issued by RB
Capital Companhia de Securitizacao are primarily based on
Petrobras' ability to make payments under the lease agreements.
Also, Petrobras covers taxes and trust expenses and a termination
of the lease agreements would result in a call under the
certificates.  Any future changes to the senior unsecured debt
rating of Petrobras will lead to a change in the ratings assigned
to the certificates.

The Ba2 global scale, local currency rating has been associated
with a default frequency, over 3--year investment horizons, of
3.80%, up from the Baa3 rating level of 1.37%.

Petrobras, based in Rio de Janeiro, is an integrated energy
company and the largest corporation in Brazil, with total assets
of US$341 billion as of September 2014. Petrobras dominates
Brazil's oil and natural gas production, as well as downstream
refining and marketing.  It also holds a significant stake in
petrochemicals and a burgeoning position in sugar-based ethanol
production and distribution.  The Brazilian government directly
and indirectly owns a total of about 46% of the company's
outstanding capital stock and 60.4% of its voting shares.

Any future changes to the senior unsecured debt rating of
Petrobras will lead to a change in the ratings assigned to the
certificates.

The principal methodology used in this rating was " Rating
Transactions Based on the Credit Substitution Approach: Letter of
Credit-backed, Insured and Guaranteed Debts" published in March
2013.



==========================
C A Y M A N  I S L A N D S
==========================


ANCHOR DRILLING: Members Receive Wind-Up Report
-----------------------------------------------
The members of Anchor Drilling Fluids Nigeria LDC received on
Jan. 15, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          M-I Holdings (BVI) Ltd.
          c/o Harney, Westwood & Riegels
          Craigmuir Chambers
          P.O. Box 71
          Harbour Place, 4th Floor
          Road Town, Tortola
          British Virgin Islands


ARC-CAPITALAND: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of ARC-Capitaland India Private Limited received
on Jan. 28, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Bin Chung Yiu Edward
          168 Robinson Road
          #30-01 Capital Tower Singapore 068912
          Telephone: +65 6713 3728
          Facsimile: +65 6713 2999


ARCHIBAUD FUND: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Archibaud Fund received on Jan. 29, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd.
          c/o Richard Gordon
          Telephone: +1 (345) 949 4900
          75 Fort Street
          PO Box 1350 Grand Cayman KY1-1108
          Cayman Islands


BLACKSTONE RT: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Blackstone RT Offshore Fund Ltd. received on
Jan. 28, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Sean Flynn
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


BLACKSTONE SIXTH: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Blackstone Sixth Avenue Offshore Fund Ltd.
received on Jan. 28, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Sean Flynn
          c/o Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


BLACKSTONE SPGS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Blackstone SPGS Offshore Fund Ltd. received on
Jan. 28, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Patrick Agemian
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


BLACKSTONE SYSTEMATIC: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Blackstone Systematic Trading Opportunities
Offshore Fund Ltd. received on Jan. 28, 2015, the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Sean Flynn
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


BLACKSTONE SYSTEMATIC (E): Shareholders Receive Wind-Up Report
--------------------------------------------------------------
The shareholders of Blackstone Systematic Trading Opportunities
Offshore (E) Fund Ltd. received on Jan. 28, 2015, the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Sean Flynn
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


BLACKSTONE US: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Blackstone US Equity Select Fund Ltd received
on Jan. 28, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Sean Flynn
          c/o Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


BLACKSTONE US FUND A: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Blackstone US Equity Select Fund A Ltd.
received on Jan. 28, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Sean Flynn
          c/o Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


DAN BAU: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of Dan BAU LLC received on Jan. 27, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Takaya Kanamori
          c/o Maples and Calder
          53rd Floor, The Center, 99 Queen's Road Central
          Hong Kong
          Attention: Ms Aisling Dwyer


DELTA SPV 1: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Delta SPV 1 Limited received on Jan. 28, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Peter Goulden
          c/o Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


ELLESMERE BRITANNIA: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Ellesmere Britannia Ltd. received on Jan. 29,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


EXCELLIUM ALTERNATIVE: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Excellium Alternative SPC received on Jan. 27,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Renato Minnei
          Via Guncina 26/9
          Bolzano 39100
          Italy
          Telephone: +39 047 128 9116


FACEBOOK CAYMAN: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Facebook Cayman Holdings Unlimited I received
on Jan. 29, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd.
          c/o Richard Gordon
          Telephone: +1 (345) 949 4900
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


FIELD POINT: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Field Point PE7 (Cayman), Ltd. received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


GLOBAL CHEMICALS: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Global Chemicals, Inc. received on Jan. 15,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          M-I Holdings (BVI) Ltd.
          c/o Harney, Westwood & Riegels
          Craigmuir Chambers
          P.O. Box 71
          Harbour Place, 4th Floor
          Road Town, Tortola
          British Virgin Islands


GSS III MONROE: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of GSS III Monroe Holdings Limited received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          J. Timothy Morris
          c/o Maples and Calder, Attorneys-at-law
          Ugland House
          P.O. Box 309, Grand Cayman KY1-1104
          Cayman Islands


HCM FUND: Members Receive Wind-Up Report
----------------------------------------
The members of HCM Fund GP, Ltd received on Jan. 26, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


HERITAGE HEDGED: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Heritage Hedged Equity Fund, Ltd. received on
Jan. 28, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Peter Goulden
          c/o Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


LIONGATE SELECT: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Liongate Select SPV Limited received on
Jan. 28, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Peter Goulden
          c/o Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


MARRET INVESTCO: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Marret Investco Ltd. received on Jan. 28,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Peter Goulden
          c/o Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


ODYSSEY OPPORTUNITIES: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Odyssey Opportunities Limited received on
Jan. 26, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Philip U. Hammarskjold
          Hellman & Friedman LLC
          Intertrust Corporate Services Delaware Ltd.
          200 Bellevue Parkway
          Suite 210, Bellevue Park Corporate Center
          Wilmington, New Castle County
          Delaware, USA 19809
          c/o Niall Hanna
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (345) 914 4201


P.O.S. LIMITED: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of P.O.S. Limited received on Jan. 28, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Sarah Treanor
          c/o Darlene McKiel
          Telephone: 949-4544
          Facsimile: 949-7073
          e-mail: darlene.mckiel@card.com.ky
          Charles Adams Ritchie & Duckworth
          Zephyr House, 2nd Floor, 122 Mary Street
          P.O. Box 709 Grand Cayman, KY1-1107
          Cayman Islands


PALISADES REAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Palisades Real Estate II, Ltd. received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Westport Capital Partners LLC
          c/o Marc Porosoff, Esq.
          40 Danbury Road
          Westport CT 06897
          United States of America
          Telephone: +1 (203) 429 8600


PROFIT EXCHANGE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Profit Exchange Limited received on Jan. 28,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Hadley J. Chilton
          Baker Tilly (Cayman) Ltd.
          Governor's Square
          23 Lime Tree Bay Avenue
          Grand Cayman KY1 1103
          Telephone: +1 (345) 946 7853
          Facsimile: +1 (345) 946 7854


PRS PLYMOUTH: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of The PRS Plymouth Fund received on Jan. 28,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          John S. Sullivan
          c/o Tim Cone
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


SMI OPPORTUNITIES: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of SMI Opportunities Fund Limited received on
Jan. 28, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Louise Morwick
          c/o Nicola Murray
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


SPECIAL CREDIT: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Special Credit Opportunities, Ltd. received on
Jan. 29, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Avalon Ltd.
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769-9351


YEMEN REFINING: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Yemen Refining and Marketing Company received
on Jan. 29, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd.
          c/o Richard Gordon
          Telephone: +1 (345) 949 4900
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


ZAPKO INVESTMENT: Members Receive Wind-Up Report
------------------------------------------------
The members of Zapko Investment Inc received on Jan. 26, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands



===================
C O S T A   R I C A
===================


COSTA RICA: S&P Affirms 'BB/B' Sovereign Rating; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB/B' long- and
short-term foreign and local currency sovereign credit ratings on
the Republic of Costa Rica.  The outlook remains stable.  S&P also
affirmed its 'BBB-' transfer and convertibility assessment.

Rationale

The ratings on Costa Rica balance the country's persistent budget
deficits and rising net general government debt burden with still-
favorable growth prospects and an expected improvement in the
country's external position thanks to lower current account
deficits (CAD) in the next two years.  They also reflect Costa
Rica's stable -- although fragmented -- political system and an
exchange rate that is gradually becoming more flexible, giving the
country greater ability to absorb external shocks.

The combination of growing spending pressures and a lack of tax
reform has contributed to persistently large general government
deficits and a rising debt burden in recent years.  The
Administration of President Guillermo Solis, elected last year,
imposed expenditure controls to contain the central government
deficit in 2014.  Such measures, however, are not likely to be
enough to stabilize the fiscal deficit in the coming two years,
absent steps to raise more revenues, in S&P's opinion.  S&P
forecasts that the general government's fiscal deficit and net
debt would reach about 5.4% and 39% of GDP in 2015, respectively,
with interest payments exceeding 10% of general government
revenues over the next two years.

The country's fragmented Congress and the protracted process for
agreeing upon legislation reduce the government's chances of
passing comprehensive fiscal reform (including changes to income
and value-added taxes) this year.  Nevertheless, S&P expects that
the government will be able to implement some revenue measures in
2015 and 2016 that, along with continued efforts to contain
spending growth, would stabilize Costa Rica's net general
government debt below 47% of GDP by 2018.

Costa Rica's external position is likely to improve this year and
next, thanks to economic recovery in the U.S. (its largest trading
partner) and lower oil prices.  S&P projects the CAD to fall
toward 4% of GDP in 2015-2017 from an average of 5% in the
previous three years.  S&P also expects that foreign direct
investment (FDI) may fund more than 90% of the CAD. Continued FDI
should limit the negative impact of fiscal deficits on Costa
Rica's external liquidity over the next two years.

The central bank's recent decision to abolish its exchange rate
band was a significant step toward a more effective monetary
policy that targets inflation.  Greater exchange rate flexibility,
reflected in a 7% nominal depreciation of the colon in 2014, and
continued low inflation should gradually boost the credibility of
monetary policy.  However, despite the recent nominal
depreciation, Costa Rica's currency remains stronger than it was
in 2010, once adjusted for domestic inflation and the inflation
rate of its trading partners.  As a small, open economy, the
country's long-term GDP growth rate could suffer if its exchange
rate undermines its external competitiveness.

The central bank's more flexible foreign exchange regime, its
containment of inflation, and its application of macroprudential
measures to discourage bank lending in dollars would continue to
reduce the level of dollar-denominated assets and liabilities in
Costa Rica's financial system.  At 40% of the total deposits and
loans, however, the amount remains high and poses a constraint on
monetary flexibility.

Costa Rica's long-term growth prospects remain favorable, despite
lower-than-expected growth in 2014 following the closure of a
manufacturing plant by Intel.  S&P projects GDP to grow about 3.5%
in 2015 and 4% on average per year through 2017 (2% GDP per capita
growth), underpinned by a recovery in the U.S. and likely
continued low oil prices.

OUTLOOK

The stable outlook reflects S&P's expectation that Costa Rica's
general government fiscal deficit will be less than 5.5% of GDP
this year and remain approximately 5%-6% of GDP in the following
three years.  (According to Standard & Poor's definition, the
general government deficit includes the central bank,
decentralized government agencies, and social security.)  S&P
expects that the government will be able to boost revenues through
tax measures while containing the growth of spending.  S&P also
expects economic growth to be about 3.5%-4% over the next three
years.

S&P could lower its rating on Costa Rica if the country's
political leadership fails to reach consensus on fiscal measures
and implement them in a timely manner to contain further
deterioration in public finances.  A larger-than-expected general
government fiscal deficit, along with slow GDP growth, could
result in a rising debt burden.  Higher debt, in combination with
a currency that continues to appreciate in real effective terms,
could weaken macroeconomic stability and raise the country's
vulnerability to external shocks.

Conversely, greater exchange rate flexibility, along with a fiscal
correction that lowers the general government fiscal deficit and
stabilizes the debt burden, could reduce the county's
vulnerability to external shocks.  That, along with higher-than-
projected economic growth, could eventually improve the country's
financial profile and lead to a higher credit rating.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that the debt score had deteriorated and the
monetary score had improved.  All other key rating factors were
unchanged.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

Ratings Affirmed

Costa Rica (Republic of)
Sovereign Credit Rating                  BB/Stable/B
Transfer & Convertibility Assessment     BBB-
Senior Unsecured                         BB



=============
G R E N A D A
=============


GRENADA: Economy Recovering at Stronger Pace, IMF Says
------------------------------------------------------
An International Monetary Fund (IMF) team led by Aliona Cebotari
visited Grenada from February 18 to 26, 2015 to conduct
discussions on the second review of Grenada's IMF-supported
program under the Extended Credit Facility (ECF).  The program was
approved on June 26, 2014 and the first review completed on
December 12, 2014.

Total resources of SDR4.04 million (about US$5.9 million) have
been made available to Grenada under the arrangement.

Representatives from the World Bank, Caribbean Development Bank,
and Eastern Caribbean Central Bank accompanied the mission. At the
conclusion of the visit, Ms. Cebotari made the following
statement:

"The IMF is encouraged by the progress made to stabilize the
Grenadian economy and return Grenada's public finances to a
sustainable path.

"The Grenadian economy is recovering at a stronger pace than
anticipated, with growth in 2014-15 expected to average above 2
percent, compared to earlier estimates of 1.1 percent.  While
strong external demand for tourism services has continued to fuel
the recovery, growth in other sectors, especially agriculture, is
gradually strengthening.  The outlook for 2015 has also improved,
with the decline in world energy prices and a robust recovery in
the United States.  We now expect growth of 1.8 percent, compared
to 1.1 percent at the first review.  While these trends are
encouraging, significant challenges remain, as elevated
unemployment, contracting credit, and large debt continue to weigh
down the prospects for a faster and sustained recovery.

"The fiscal performance in 2014 has also been stronger than
anticipated.  The government reduced its primary deficit from 4
percent of GDP in 2013 to 1 percent in 2014, outperforming the
program targets.  Tax revenues recovered to pre-crisis levels,
reflecting the adjustment measures and stronger tax collection
efforts, and expenditures were kept under strict control.  The
government has continued to repay its debt to domestic suppliers,
reducing the stock of arrears by about 20 percent during 2014 and
staying on track to fully repay them by the end of this year.

"To secure fiscal sustainability, this adjustment effort will need
to be complemented by the completion of the debt restructuring
currently under way.  In addition, ambitious reforms to strengthen
the fiscal policy framework are ongoing and continued progress is
expected in the coming months.  These include the introduction of
the planned fiscal responsibility and public debt management
legislation, the reform of the tax incentive regime, the
enhancement of the strategy to strengthen statutory bodies and
state-owned enterprises, and the approval of regulations for the
sustainable management of the resources in the National
Transformation Fund.  The government has also initiated
institutional reforms of its Inland Revenue Division to strengthen
its capacity and effectiveness and to facilitate tax compliance by
the largest taxpayers.

"The mission also made progress toward agreement on key policy
issues going forward. Discussions will continue in the coming days
via videoconference from Washington, D.C., with the aim of
securing a timely completion of the second review.

The mission met with the Prime Minister and Minister of Finance
and Energy, Dr. The Rt. Hon. Keith C. Mitchell; the Minister of
Communication, Works, Physical Development, Public Utilities and
ICT, Hon. Gregory Bowen; the Minister of Economic Development,
Trade, Planning, Cooperatives and International Business, Hon.
Oliver Joseph; the Permanent Secretary of the Ministry of Finance,
Timothy Antoine; the Deputy Permanent Secretary of the Ministry of
Finance, Mike Sylvester; the Executive Director of the Grenada
Authority for the Regulation of Financial Institutions (GARFIN),
Angus Smith; other senior officials, representatives of the
private sector and civil society, and the Monitoring Committee for
the Home-grown Program.

"The mission would like to thank the authorities and technical
staff for their cooperation and hospitality, and reaffirm the
IMF's support for the government's efforts to implement Grenada's
program. We encourage Grenada to press on with this collective
effort and these vital reforms."



=============
J A M A I C A
=============


DIGICEL LIMITED: Boss Calls on Private Sector to Resist More Taxes
------------------------------------------------------------------
RJR News reports that outgoing Chief Executive Officer of Digicel
Limited, Barry O'Brien, has called for the Private Sector of
Jamaica or PSOJ to challenge any additional taxation that may be
levied on businesses.

Mr. O'Brien challenge comes in the context of the government
indicating it will need J$10 billion taxes in the next fiscal year
with expectations that businesses will face the brunt of the
costs, according to RJR News.

The report notes that Mr. O'Brien said the PSOJ must be ready to
question and challenge Jamaica's tax strategy as well as how is it
being developed to continue to stimulate businesses and drive
economic development.

The report relates that Mr. O'Brien said any additional tax on the
private sector will impact how it continues to invest in and give
back to Jamaica.

Incorporated in Hamilton, Bermuda, with headquarters in Kingston,
Jamaica, W.I., Digicel Limited is the largest provider of
wireless telecommunication services in the Caribbean. Revenue for
the twelve months ended September 30, 2014 totaled $2.8 billion.

As reported in the Troubled Company Reporter-Latin America on Feb.
27, 2015, Moody's Investors Service assigned a B1 rating to
Digicel Limited's proposed offering of $925 million Senior
Unsecured Notes due 2023.  The use of proceeds will be used to
redeem 100% of the existing Digicel Limited 8.25% Senior Unsecured
Notes due 2017, including redemption premiums, accrued interest
and fees, and the remaining net proceeds will be used to add cash
to the balance sheet to be used for general corporate purposes.


NATIONAL COMMERCIAL BANK: Fees for In-Branch Transactions Increase
------------------------------------------------------------------
RJR News reports that National Commercial Bank Jamaica Ltd. said
customers wanting to avoid paying new charges that take effect on
March 16 can use alternative electronic channels to do
transactions.

The Bank recently said charges for transfer between own accounts,
third party accounts and telephone request for balance enquiry
will increase, according to RJR news.

The new fees for the services will be J$1,165 per transaction.
The bank however said the fees can be avoided if customers use its
Bank on the Go facilities or its online platform, the report
notes.

NCB said the adjustments reflect costs to provide the services
including staff costs and deposit insurance, the report adds.

As reported in the Troubled Company Reporter-Latin America on Dec.
2, 2014, Standard & Poor's Ratings Services raised National
Commercial Bank Jamaica Ltd.'s (NCBJ) stand-alone credit profile
(SACP) to 'b+' from 'b' following the revision.  S&P also affirmed
its 'B-' long-term and 'B' short-term issuer credit ratings on the
bank'.  The outlook remains positive.



===========
M E X I C O
===========


CEMEX SAB: Fitch Rates 2025 Notes 'BB-/RR3(EXP)'
------------------------------------------------
Fitch Ratings has assigned expected ratings of 'BB-/RR3(EXP)' to
CEMEX S.A.B. de C.V.'s (CEMEX) proposed USD notes due in 2025 and
Euro notes due in 2023. Proceeds from the notes will be used for
general corporate purposes, including the refinancing of CEMEX's
USD744 million floating-rate notes due September 2015, and
repurchase of a portion of the company's outstanding 2018 and 2020
notes.

The guarantors for the notes will be CEMEX Mexico, S.A. de C.V.,
CEMEX Concretos, S.A. de C.V., Empresas Tolteca de Mexico, S.A. de
C.V., New Sunward Holding B.V., CEMEX Espana, S.A., Cemex Asia
B.V., CEMEX Corp., CEMEX Finance LLC, Cemex Egyptian Investments
B.V., Cemex Egyptian Investments II B.V., CEMEX France Gestion
(S.A.S.), Cemex Research Group AG, Cemex Shipping B.V. and CEMEX
UK. The notes will enjoy the same collateral package as the
creditors under CEMEX's Facilities Agreement.

The Rating Outlook for CEMEX is Stable. A complete list of the
company's current ratings follows at the end of this release.

KEY RATING DRIVERS

Strong Business Position:

CEMEX's 'B+' Issuer Default Ratings (IDRs) continue to reflect its
strong and diversified business position. The company is one of
the largest producers of cement, ready-mix, and aggregates in the
world. Key markets include the U.S., Mexico, Colombia, Panama,
Spain, Egypt, Germany, France, Poland and the U.K. The company's
product and geographic diversification offset some of the
volatility associated with the cyclical cement industry.

High Leverage Constrains Ratings:

CEMEX's ratings remain constrained by the company's high leverage;
CEMEX had USD15.4 billion of net debt as of Dec. 31, 2014. This
figure compares unfavorably with USD2.7 billion of EBITDA at Dec.
31, 2014, and results in a net debt/EBITDA ratio of 5.9x. Net
leverage improved from 6.3x during 2013, as EBITDA grew 4% and
absolute debt levels fell 7% year over year. Continued EBITDA
growth in key markets such as the U.S. and a turnaround of
sluggish operations in Mexico, the Mediterranean, and South
America would aid in further net leverage reduction going forward.

Modest Credit Improvements Projected:

Fitch projects that CEMEX will generate about USD2.9 billion of
EBITDA in 2015 and USD3.2 billion in 2016 and that the company's
net leverage will be around 5.1x in 2015 and 4.0x in 2016. Fitch's
projections include modest asset sales of around USD100 million
per year. Improved cement demand in the U.S. and Mexico are the
key drivers of Fitch's projected improvement in CEMEX's operating
performance. Fitch notes that CEMEX's investment ratio, as defined
by capex to depreciation, has been low at around 0.5x. Challenges
to deleveraging beyond 2015 include rising working capital needs,
higher taxes in key markets such as Mexico, and rising capital
expenditures.

Manageable Maturity Schedule:

CEMEX has a manageable amortization schedule as a result of its
aggressive refinancing efforts during the past few years. The
company had USD855 million of cash and marketable securities as of
Dec. 31, 2014. Most of the company's marketable securities are
held in U.S. and Mexican government bonds. CEMEX faces USD1.4
billion of debt amortizations through the end of 2015, of which a
majority of the short-term debt will be refinanced with the
expected notes issuance.

The company issued EUR400 million notes due in 2022 and USD1.1
billion notes due in 2025 during September 2014, and used the
proceeds to repurchase USD593 million of notes due in 2018, USD365
million of notes due in 2020, and the remainder for general
corporate purposes including repayment under its bank facilities
agreement. These refinancings lowered its cost of debt, since the
new coupons were below 6% and those on the repurchased notes were
in excess of 9%. The decreased cost of debt, in addition to
growing operating cash flow, should lead to an improvement in the
company's funds from operations (FFO) fixed-charge coverage to
around 1.7x in 2015 from 1.3x in 2013.

U.S. Market Key to Recovery:

CEMEX's main markets during 2014 in terms of EBITDA were Mexico
(36%), Central and South America (27%), the U.S. (15%), Northern
Europe (13%), the Mediterranean (12%), and Asia (5%). CEMEX's U.S.
operations continue to improve, as EBITDA grew to USD421 million
in 2014 from USD255 million in 2013. The company's U.S.
operations, however, continue to operate at well below their
potential capacity. On a pro forma basis, Fitch estimates that the
U.S. operations generated around USD2.3 billion of EBITDA in 2006.
While U.S. cement demand has recovered to an estimated 89 million
metric tons in 2014 from a low of 71 million tons in 2009, it
remains well short of the 127 million tons of demand in 2006.

Above-Average Recovery Prospects:

CEMEX and its subsidiaries have issued debt instruments from
Mexico, the U.S., the British Virgin Islands, the Netherlands, and
Spain. Because of the complexity of the company's capital
structure and the various legal jurisdictions, Fitch does not
envision a scenario in which CEMEX's creditors would want it to
enter bankruptcy (quiebra) or an insolvency (concurso mercantil)
process in Mexico, as there would be a high degree of uncertainty
as to the outcome. In deriving a distressed enterprise valuation
to determine the recovery under this scenario, Fitch discounted
the company's EBITDA to USD2.1 billion, which is a level that
would just cover operating leases, interest expenses, and
maintenance capital expenditures, and applied a conservative
EBITDA multiple of 6x.

This calculation resulted in an anticipated recovery level of 76%
for the company's senior secured debt, which would be consistent
with a Recovery Rating of 'RR2'. The recovery prospects of senior
creditors are bolstered by USD1.7 billion of convertible
subordinated notes, which can only be replaced by equity or
similar quasi-equity instruments, according to the Facilities
Agreement. Fitch typically caps RRs of Mexican corporates at 'RR3'
to account for concerns about various aspects of the bankruptcy
framework from a creditor's perspective even when its bespoke
analysis indicates it could be higher. CEMEX's rating has also
been capped at 'RR3', which is consistent with recovery prospects
anticipated to be in the range of 50% to 70% in the event of
default.

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to a positive rating action include:

-- Fitch is projecting that CEMEX's EBITDA in its U.S. operations
    will grow to USD550 million by 2015 from USD421 million in
    2014. This projection incorporates an expectation that single-
    family and multi-family housing starts in the U.S. will total
    1.1 million in 2015. Growth beyond this figure would be
    positive for the company's U.S. business and would accelerate
    its deleveraging process.

-- Cement demand in Mexico has underperformed Fitch's
    expectations since 2013 and this has offset improvements in
    operating cash flow in Northern Europe, as well as in the U.S.
    EBITDA generated by CEMEX in Mexico remained relatively flat
    at USD999 million in 2014 compared to USD1 billion in 2013.
    Fitch currently projects EBITDA in this market will rebound to
    USD1.1 billion by 2015. Growth faster than this could also
    accelerate debt reduction.

-- CEMEX's stock currently trades at USD9.96 per ADS. The company
    has issued subordinated convertible notes that mature in 2015
    (USD320 million), 2016 (USD978 million) and 2018 (USD690
    million). The conversion prices for these notes are
    USD11.18/ADS, USD9.65/ADS and USD9.65/ADS, respectively. The
    2015 convertibles have a contingent mechanism that will likely
    extend the maturity date out another five years. If successful
    in converting the 2016 notes, Fitch projects that the
    company's net debt/EBITDA ratio would be below 3.8x by the end
    of 2016, which could result in an upgrade for the company's
    IDRs.

Negative: Future developments that may, individually or
collectively, lead to a negative rating action include:

-- Rating downgrades are not likely during 2015 as CEMEX's credit
    protection measures are strong for the existing ratings, given
    the company's strong global business position and the
    sluggishness of the U.S. market relative to its long-term
    potential.

-- CEMEX received an unfavorable ruling by the Spanish tax
    authorities during 2014 that could result in a payment of
    EUR455 million. If the company is unsuccessful in its appeal,
    this fine would hinder its ability to deleverage and could
    lead to a negative rating action if the payment coincides with
    continued sluggishness in other key markets.

-- A loss of the positive momentum in the U.S. market would have
    a material impact upon the company's ability to deleverage to
    less than 4.5x by 2015. Fitch would consider a change in
    rating or Outlook if CEMEX's leverage trends reversed and net
    leverage exceeded 6.5x.

Key Assumptions:

-- U.S. cement sales volumes increase 5% in 2015;
-- Mexico cement sales volumes increase 2% in 2015;
-- Consolidated sales volumes lower than management guidance;
-- Net debt to decline approximately USD700 million during 2015;
-- Capital expenditures of approximately USD700 million in 2015;
-- Asset sales of approximately USD100 million in 2015.

Fitch currently rates CEMEX as follows:

CEMEX

-- Foreign and local currency IDR 'B+';
-- Senior secured notes 'BB-/RR3';
-- National scale long-term rating 'BBB(mex)';
-- Senior unsecured certificates 'BBB(mex)';
-- National scale short-term rating 'F3(mex)'.

In addition to the aforementioned ratings of CEMEX, Fitch also
maintains 'BB-/RR3' ratings on the guaranteed debt issued by:

Cemex Espana S.A.

CEMEX Finance LLC, a limited liability company incorporated in the
U.S.
CEMEX Materials Corporation, a limited liability company
incorporated in the U.S.
C5 Capital (SPV) Limited, a British Virgin Island restricted-
purpose company
C8 Capital (SPV) Limited, a British Virgin Island restricted-
purpose company
C10 Capital (SPV) Limited, a British Virgin Island restricted-
purpose company
C-10 EUR Capital (SPV) Limited, a British Virgin Island
restricted-purpose company


CEMEX S.A.B.: S&P Rates Benchmark $-Denominated Sr. Sec. Notes B+
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' issue-level
rating and recovery rating of '3' to CEMEX S.A.B. de C.V's
benchmark dollar- and euro-denominated senior secured notes, due
2023 and 2025, respectively.  The recovery rating of '3' indicates
that bondholders can expect a meaningful (50% to 70%) recovery in
the event of a payment default.

CEMEX intends to use the net proceeds of the issuance to fund the
zedemption of its September 2015 floating rate U.S. dollar notes,
the January 2018 dollar notes, and the May 2020 dollar notes.
CEMEX will use the remainder, if any, for general corporate
purposes, including repayment of other indebtedness in accordance
with the company's Credit Agreement and the Facilities Agreement.
The notes will benefit from a security package under the same
terms as all of the company's other senior capital markets debt.
The security package includes the full and unconditional
guarantee, on a joint and several basis and on a general senior
basis, by CEMEX Mexico, S.A. de C.V., New Sunward Holding B.V.,
CEMEX Espa¤a, S.A., Cemex Asia B.V., CEMEX Corp., and other
subsidiaries CEMEX directly or indirectly owns.

RATINGS LIST

CEMEX S.A.B. de C.V
Corporate Credit Rating
  Global Scale                          B+/Positive/--
  CaVal (Mexico) National Scale         mxBBB/Positive/mxA-2

New Rating

CEMEX S.A.B. de C.V
Benchmark Dollar-Denominated Sen Secd Nts Due 2025    B+
  Recovery rating                                      3

Benchmark Euro-Denominated Sen Secd Nts due 2023      B+
  Recovery rating                                      3



=================
X X X X X X X X X
=================


21ST CENTURY ONCOLOGY: Moody's Lifts CFR to 'B3', Outlook Stable
----------------------------------------------------------------
Moody's Investors Service upgraded 21st Century Oncology, Inc.'s
Corporate Family Rating and Probability of Default Rating to B3
and B3-PD, respectively.  Concurrently, the ratings on the
company's $100 million revolving credit facility and $90 million
term loan are upgraded to Ba3 from B1, the rating on the company's
existing $350 million 8.875% second lien notes is upgraded to B2
from Caa2, and the rating on the $380 million 9.875% subordinated
notes is upgraded to Caa2 from Caa3. The company's speculative
grade liquidity rating is upgraded to SGL-2 from SGL-3.  The
rating outlook is stable.  This concludes the review of 21st
Century's ratings that was initiated on October 1, 2014.

The upgrade of the Corporate Family Rating to B3 and SGL to SGL-2
reflects the receipt of a $325 million preferred equity investment
from the Canada Pension Plan Investment Board ("CPPIB") and
subsequent debt reduction.  The company has reduced debt by almost
$200 million.  The investment from CPPIB will enable the company
to continue to pursue various growth initiatives, while reducing
interest expense and improving the company's liquidity profile
providing full revolver availability and an increase in balance
sheet cash.  The investment by CPPIB negated the Restructuring
Support Agreement that 21st Century had entered with a group of
bondholders in July 2014.

The following ratings actions were taken:

  -- Corporate Family Rating, upgraded to B3 from Caa2;

  -- Probability of Default Rating, upgraded to B3-PD from Caa2-
     PD;

  -- $100 million senior secured revolving credit facility due
     October 2016, upgraded to Ba3 (LGD1) from B1 (LGD1);

  -- $90 million senior secured term loan due October 2016,
     upgraded to Ba3 (LGD1) from B1 (LGD2);

  -- $350 million senior 2nd lien 8.875% notes due January 2017,
     upgraded to B2 (LGD3) from Caa2 (LGD3);

  -- $376 million senior subordinated 9.875% notes due April
     2017, upgraded to Caa2 (LGD5) from Caa3 (LGD5);

  -- Speculative grade liquidity rating, upgraded to SGL-2 from
     SGL-3;

  -- Rating outlook, stable.

The B3 rating reflects the company's highly leveraged capital
structure, with the anticipation the company's debt leverage will
continue to remain elevated.  Leverage remains over 6 times debt
to EBITDA.  While improved following the CPPIB investment and
subsequent debt pay down, the company's free cash flow remains
constrained due to its high interest burden and capital
expenditure level.  The B3 rating also considers 21st Century's
concentration by geography (Florida is over 40% of the company's
global freestanding revenue) and payor (Medicare is 45% of the
company's U.S. domestic revenue).  At the same time, the rating
positively reflects the company's ability to manage its costs,
integrate acquisitions, and drive average daily treatment volume
increases at its centers.  The rating also benefits from 21st
Century's competitive industry position, size and scale as a
freestanding oncology provider, and technology platform.  The
rating is further supported by our expectation for the company's
clustered facility strategy and integrated cancer care ("ICC")
business model to generate same facility volume growth over the
longer term given the company's pricing advantage versus
hospitals, and growth in total average daily treatments.

The speculative-grade liquidity rating of SGL-2 reflects Moody's
expectation for good liquidity over the next 12 months.  Moody's
anticipate the company will have capital expenditures in the $40
million range for 2015.  Moody's expectation is for the company to
turn cash flow positive in the 2015 year.  Following the $325
million CPPIB investment the company has repaid the outstanding
borrowings on its $100 million revolving credit facility,
resulting in it being fully available.  The revolver matures in
Oct. 15, 2016.  The SGL-2 rating incorporates the expectation for
the timely refinancing of its upcoming maturities.  The credit
agreement has a minimum liquidity requirement of $15 million, and
includes domestic unrestricted cash and unused revolver
availability in its calculation.  Moody's project that the company
will remain in compliance with the minimum liquidity covenant over
the next twelve month period.

The stable outlook incorporates the expectation for continued
revenue and average daily treatment growth with the maintenance of
a good liquidity profile.

The ratings could be downgraded if the company's revenue and/or
volume declines on an ongoing basis, liquidity position
deteriorates such as revolving credit facility availability and
cash falls below $50 million, debt leverage over 7 times on a
sustained basis, and interest coverage EBITDA-CAPEX-to-interest
expense remains below 1 times on a sustained basis.  The inability
to refinance its upcoming debt maturities in a timely manner could
also result in a downgrade.  Additionally, if there are declines
in Medicare reimbursement rates or if the company is not
anticipated to generate positive free cash flow (cash flow from
operations less capital expenditures and dividends) in 2015, we
could downgrade the ratings.

The ratings could be upgraded if the company's debt-to-EBITDA were
to decline on a sustained basis towards 5 times and free cash flow
to adjusted debt increases on a sustained basis above 3%.  A
ratings upgrade would also have to be supported by a stable
reimbursement environment, steady or improving treatment volumes,
and the maintenance of a good liquidity profile.

The principal methodology used in these ratings was Global
Healthcare Service Providers published in December 2011.  Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

21st Century Oncology, Inc., formerly known as Radiation Therapy
Services, Inc., is an integrated cancer care company that operates
181 radiation treatment facilities in the US and Latin America.
The company's revenue for the last twelve months ended Sep. 30,
2014 was approximately $960 million.  21st Century is majority
owned by Vestar Capital.


* Moody's Sees Decline in Profit for Latin American Telecoms
------------------------------------------------------------
The profitability of the Latin American telecommunications
companies will decline over the next 12 to 18 months owing to both
macroeconomic and industry-specific factors, according to a new
report from Moody's Investors Service, "Regulation, Convergence
and Competition Narrow Telecoms Margins."

"We expect the profitability of the Latin American telecoms, in
the form of EBITDA growth, to decline through early to mid-2016.
said Gabriel Vigueras, a Moody's vice president.  "Throughout the
region, middle-class growth is slowing down, so consumers'
spending power is deteriorating, even as competition is
intensifying. Increasingly sophisticated smartphones, faster
Internet speeds and offerings of bundled services will boost
demand, but not enough to offset the decline in users' spending
power."

Moody's expects that higher-margin voice revenues will decline,
while competition for mobile broadband, data services and lower-
margin services intensifies, leading to narrower EBITDA margins
despite moderate revenue growth.  However, the regional market for
smartphones has plenty of room to expand, and, as demand increases
and devices become less expensive, companies offering smartphone
subsidies will generate higher revenues.  In addition, rising
demand for mobile broadband and data will offset some of the
decline in fixed-broadband and high-margin voice sales.

On the regulatory front, ongoing intervention will spur yet more
competition and further weaken profitability, giving the bigger
companies a significant long-term advantage over their smaller
rivals.  Regulatory reform in Mexico has already resulted in
significant adjustments in the industry, albeit to the detriment
of Am'rica Movil S.A.B. de C.V. (A2 stable), currently Mexico's
biggest telecoms operator. Still, because of their scale,
multinationals such as Am'rica Movil, as well as Telef˘nica S.A.
(Baa2 negative) and Millicom International Cellular S.A. (Ba1
negative), will benefit from significant cost advantages over
their smaller regional rivals, whose margins will contract sharply
as they spend more heavily on capital projects in an effort to
keep up.  Because of reforms, the telecoms market in Mexico is
opening up; in contrast, in Brazil, the market is becoming more
concentrated owing to evolving technology and growing customer
demand.

Profitability of Latin American telecoms will decline throughout
the region, middle-class growth is slowing down and thus spending
power is declining, even as competition is intensifying.  As a
result, the profitability of the Latin American telecoms, in the
form of EBITDA growth, will deteriorate.  Demand for higher-margin
voice revenues will decline, while competition for mobile
broadband, data services and lower-margin services intensifies,
leading to narrower EBITDA margins despite moderate revenue
growth.


* BOND PRICING: For the Week From Feb. 16 to Feb. 20, 2015
----------------------------------------------------------

Issuer Name     Cpn   Bid Price Maturity Date Country    Curr
-----------     ---   --------- ------------- -------    ----
PDVSA            8.5     56.25   11/2/2017      VE       USD
PDVSA           12.75    53.5    2/17/2022      VE       USD
Kaisa Group
Holdings Ltd     8.87    65.5    3/19/2018      CN       USD
Venezuela       12.75    52.5    8/23/2022      VE       USD
PDVSA            5.25    47.5    4/12/2017      VE       USD
PDVSA            5.37    34.65   4/12/2027      VE       USD
PDVSA            6        6.5   11/15/2026      VE       USD
Venezuela        5.75    61.5    2/26/2016      VE       USD
PDVSA            9.75    46      5/17/2035      VE       USD
Venezuela       11.95    49      8/5/2031       VE       USD
PDVSA            6       37.5    5/16/2024      VE       USD
Kaisa Group
Holdings Ltd     9       82      6/6/2019       CN       USD
PDVSA            9       43.5   11/17/2021      VE       USD
PDVSA            5.5     36.9    4/12/2037      VE       USD
Venezuela       13.62    56      8/15/2018      VE       USD
Kaisa Group
Holdings Ltd    10.25    69       1/8/2020      CN       USD
Kaisa Group
Holdings Ltd    12.87   108       9/18/2017     CN       USD
Odebrecht Oil
& Gas Finance
Ltd              7       68                     KY       USD
CSN Islands
XII Corp         7       74.5                   BR       USD
Venezuela        8.25    44      10/13/2024     VE       USD
Honghua Group
Ltd              7.45    58.5     9/25/2019     CN       USD
PDVSA            5.12    53.48    10/28/2016    VE       USD
Venezuela        7.75    42.5     10/13/2019    VE       USD
Banco do Brasil
SA/Cayman        6.25    75                     KY       USD
Venezuela        7       44.5     12/1/2018     VE       USD
Venezuela        9       44.5      5/7/2023     VE       USD
Kaisa Group
Holdings Ltd     6.87    74.423    4/22/2016    CN       CNY
Venezuela        9.37    44.5      1/13/2034    VE       USD
Venezuela        6       39       12/9/2020     VE       USD
Venezuela        7       40.5      3/31/2038    VE       USD
CA La
Electricidad
de Caracas       8.5     40        4/10/2018    VE       USD
Venezuela        9.25    44.5      5/7/2028     VE       USD
Offshore Group
Investment Ltd   7.5     74.87    11/1/2019     KY       USD
Venezuela        7.65    35.5      4/21/2025    VE       USD
Automotores
Gildemeister SA  8.25    45.87     5/24/2021    CL       USD
Kaisa Group
Holdings Ltd     8       70       12/20/2015    CN       CNY
Venezuela       13.625   48        8/15/2018    VE       USD
Agile Property
Holdings Ltd     8.25    75.05                  CN       USD
McDermott
International
Inc              8       70.5      5/1/2021     US       USD
USJ Acucar e
Alcool SA        9.875   73       11/9/2019     BR       USD
Tonon
Bioenergia SA    9.25    62.3      1/24/2020    BR       USD
Offshore Group
Investment Ltd   7.125   68.06     4/1/2023     KY       USD
Automotores
Gildemeister SA  6.75    44.75     1/15/2023    CL       USD
SMU SA           7.75    76.5      2/8/2020     CL       USD
Mongolian
Mining Corp      8.87    66.5      3/29/2017    MN       USD
Polarcus Ltd     8       40.08     6/7/2018     AE       USD
PSOS Finance
Ltd              11.75   75        4/23/2018    KY       USD
PDVSA             8.5    57.45    11/2/2017     VE       USD
Herbalife Ltd     2      73.7      8/15/2019    US       USD
Cia Energetica
de Sao Paulo      9.75   72.87     1/15/2015    BR       BRL
BA-CA Finance
Cayman Ltd        1.21   63.249                 KY       EUR
Hidili Industry
International
Development Ltd   8.625  76       11/4/2015     CN       USD
China Precious
Metal Resources
Holdings Co Ltd   7.25   52.067    2/4/2018     HK       HKD
Inversora de
Electrica de
Buenos Aires SA   6.5     28.5     9/26/2017    AR       USD
NQ Mobile Inc     4       70.448  10/15/2018    CN       USD
Glorious Property
Holdings Ltd      13.25   71.971   3/4/2018     HK       USD
Kaisa Group
Holdings Ltd       8.875  93.5     3/19/2018    CN       USD
PDVSA              6      37.63   11/15/2026    VE       USD
PDVSA             12.75   51.83    2/17/2022    VE       USD
Polarcus Ltd       8.9    39.854   7/8/2019     AE       NOK
Polarcus Ltd       2.87   68.7     4/27/2016    AE       USD
Empresa
Distribuidora
Y Comercializadora
Norte              9.75    72.42  10/25/2022    AR       USD
PDVSA              6       39.65   5/16/2024    VE       USD
Argentina Bond     1.18     8.12  12/31/2038    AR       ARS
Venezuela Bond    13.625   50.941  8/15/2018    VE       USD
McDermott
International Inc  8       84.5    5/1/2021     US       USD
Tonon
Bioenergia SA      9.25    71      1/24/2020    BR       USD
Argentina
Bonar Bonds       23.00    5.5     9/10/2015    AR       ARS
BCP Finance Co     2.15   61.25                 KY       EUR
Newland
International
Properties Corp    9.5     32      7/3/2017     PA       USD
BA-CA Finance
Cayman 2 Ltd       2.03    62.31                KY       EUR
Odebrecht Oil
& Gas Finance
Ltd                7       69                   KY       USD
PDVSA              9       44     11/17/2021    VE       USD
Honghua Group
Ltd                7.45    58.5    9/25/2019    CN       USD
Argentine Bonad
Bonds              2.4     68      3/18/2018    AR       USD
Automotores
Gildemeister SA    8.25    60      5/24/2021    CL       USD
PDVSA              9.75    43      5/17/2035    VE       USD
Automotores
Gildemeister SA    6.75    59.5    1/15/2023    CL       USD
ESFG
International
Ltd                5.753    0.68                KY       EUR
Greenfields
Petroleum Corp     9        20     5/31/2017    US       CAD
USJ Acucar e
Alcool SA          9.87     73     11/9/2019    BR       USD
CSN Islands
XII Corp           7        73.99               BR       USD
SMU SA             7.75     75.25   2/8/2020    CL       USD
Mongolian
Mining Corp        8.875    66.5    3/29/2017   MN       USD
Banco do Brasil
SA/Cayman          6.25     74                  KY       USD
Argentina Bocon    2        42.288  1/3/2016    AR       ARS
Venezuela
TICC Bond          6.25     73.195  4/6/2017    VE       USD
Hidili Industry
International
Development Ltd    8.625    75      11/4/2015   CN       USD
Cia Energetica
de Sao Paulo       9.75     72.87    1/15/2015  BR       BRL
Venezuela TICC
Bond               5.25     52.627   3/21/2019  VE       USD
Newland
International
Properties Corp    9.5      47       7/3/2017   PA       USD
Empresa
Distribuidora
Y Comercializadora
Norte              9.75     72     10/25/2022   AR       USD
Banif Finance
Ltd                1.449                        KY       EUR
BPI
Capital
Finance Ltd        2.63     39.5               KY       EUR
Cia Cervecerias
Unidas SA          4        51.90  12/1/2024   CL       CLP
Banco BPI
SA/Cayman Islands  4.15     71.37  11/14/2035  KY       EUR
Argentina Bond     5.83     14     12/31/2033  AR       ARS
Cia Sud
Americana
de Vapores SA      6.4      58.45  10/1/2022   CL       CLP
Venezuela TICC
Bond               9.12     74.29   9/15/2017  VE       USD
Venezuela Bond     9.25     48      9/15/2027  VE       USD
Ruta del Bosque
Sociedad
Concesionaria SA   6.3      69.2    3/15/2021  CL       CLP
Talca Chillan
Sociedad
Concesionaria SA   2.75     47.78  12/15/2019  CL       CLP
Venezuela Bond    11.75     50.5   10/21/2026  VE       USD
Provincia
de Rio Negro       1.6716   72      5/4/2024   AR       ARS
Provincia
Corrientes         0.0204    8      1/1/2016   AR       ARS
Provincia del
Chaco              4        61.25  12/4/2026   AR       USD
Decimo Primer
Fideicomiso de
Bonos de
Prestamos
Hipotecar         4.54       59    10/25/2041  PA       USD
Decimo Primer
Fideicomiso de
Bonos de
Prestamos
Hipotecar          6         70.8  10/25/2041  PA       USD
Empresa de los
Ferrocarriles
del Estado         6.5       69.91   1/1/2026  CL       CLP


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Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2015.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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